J D Wetherspoon (JDW) Q3 2025 TU earnings summary

Executive summary

• Like-for-like sales rose 5.6% in the 13 weeks to 27 April 2025, and 5.1% year-to-date compared to last year.

• Total sales increased 5.0% in the quarter and 4.2% year-to-date, slightly lagging like-for-like due to pub disposals.

Outlook and guidance

• Anticipates a reasonable financial year outcome, despite wage and tax increases of about £1.2 million per week.

• Plans to open 4–5 more pubs this year and about 10 next year.

Segment performance

• Opened two pubs and sold seven year-to-date; currently operates 795 pubs.

• Seven pubs now operate under franchise agreements, with four new franchise openings in the last quarter.